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Insurance Corporation

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Failed Bank Information
Douglass National Bank, Kansas City, MO, Closing Information
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Sheet
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Purchase and Assumption Agreement (3.6 mb PDF File - PDF Help)
  11. Douglass National Bank Contact Information
  12. Balance Sheet Summary
I.  Introduction

On January 25, 2008, Douglass National Bank, Kansas City, MO was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should help answer many of your questions.

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II.  Press Release

The FDIC has issued a press release (PR-7-2008) about the institution’s closure.  If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992.

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III.  Acquiring Financial Institution

All deposit accounts have been transferred to Liberty Bank and Trust Company, New Orleans, LA ("assuming institution") and will be available as usual.  Office hours will resume Monday January 28, 2008 at the former Douglass National Bank.

These transferred deposits will be separately insured from any accounts you may already have at Liberty Bank and Trust Company for six months after the failure of Douglass National Bank. Checks that were drawn on Douglass National Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. You may speak to an FDIC representative regarding deposit insurance by calling 1-877-ASK-FDIC (1-877-275-3342) or visit EDIE the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Liberty Bank and Trust Company (as long as the deposits are not pledged as collateral for loans.)  You may view more information about Liberty Bank and Trust Company by visiting their web site.

Liberty Bank and Trust Company

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V.  Banking Services

You may continue to use the services to which you previously had access, such as automatic teller machines, safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual. All outstanding checks will be paid against your available insured balance(s) as if no change had occurred. Liberty Bank and Trust Company will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact Liberty Bank and Trust Company, Customer Service Department, at 1-913-321-7200. An account representative will clear up any confusion about the validity of your checks.

After January 25, 2008, your account will earn interest at a rate determined by Liberty Bank and Trust Company. You will be notified by letter regarding this matter.

Your automatic direct deposit(s) and/or automatic withdrawal(s) should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your account(s) and to insure that service is not delayed or discontinued.

All your deposit account histories and records will be transferred to your assuming institution. If your assuming institution requires any additional signatures or forms, it will notify you. If you have any questions or special requests, you may contact a representative of your assuming institution at 1-913-321-7200.

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VI.  Loan Customers

If you had a loan with Douglass National Bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice.

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VII.  Possible Claims Against the Failed Institution

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.

Please note: there are time limits for filing a claim, as specified in the notice.

If you provided a service for Douglass National Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Douglass National Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

Call toll free 1-888-206-4662

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VIII.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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IX.  Dividend Information
Dividend History on Douglass National Bank

Dividend Information on Failed Financial Institutions
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General Disclaimer

Last Updated 11/23/2009

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